Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,102/mo
Lowest payment- Down payment
- $131,648
- Funds due
- $141,119
- Interest + MI left
- $64,816
- First ends
- Nov 2050
Assumption
Assumption + second
$1,850/mo
+$748/mo- Down payment
- $29,648
- Funds due
- $40,413
- Interest + MI left
- $232,254
- First ends
- Nov 2050
New loan
New conventional
$2,185/mo
+$1,083/mo- Down payment
- $29,648
- Funds due
- $37,312
- Interest + MI left
- $396,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,252 | $159,252 | $261,252 |
| Second mortgage | — | $102,000 | — |
| First P&I | $778.01 | $778.01 | $1,808.86 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $52.25 |
| Taxes, insurance & HOA | $323.50 | $323.50 | $323.50 |
| Total housing payment | $1,101.52 | $1,849.96 | $2,184.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,648
Closing costs & prepaids$10,765
Usable credit−$0
Total buyer cash needed$40,413
Earnest money paid−$0
Remaining funds due$40,413
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,909.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$796.26
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$338.50
Initial HOA (3 months)$182.01
Prepaid interest, first (2 days)$26.35
Prepaid interest, second (2 days)$44.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yrOf the original 30-year loan at 3.020%
Interest already paid$31,203Through Nov 2026
Assumption only · ends Nov 2050$64,816
Assumption + second · ends Nov 2050, second Dec 2056$232,254
New conventional · ends Dec 2056$396,154